[Institution: Walsh to Cut Rates Once in the Second Half After Becoming Fed Chair] Golden Finance reported on March 19 that CITIC Securities noted the Federal Reserve kept the policy rate unchanged at its March 2026 meeting, in line with market expectations. The latest dot plot indicates a target rate median of 3.4% for this year, consistent with December 2025, while raising this year’s inflation forecast, slightly increasing the economic growth forecast, and maintaining the unemployment rate forecast. Powell, as expected, refrained from commenting on the Iran situation and oil prices, but it is worth noting that his confidence in tariff-related inflation easing has further weakened compared to January. It is expected that the Fed will not cut rates in April, and under the baseline scenario, Walsh will cut rates once by 25bps in the second half after assuming the chairmanship. (Jin10)